Brazil’s Mato Grosso corn, soybean estimates unchanged at all-time highs: IMEA

Corn and soybean output estimates at Brazil’s largest producer Mato Grosso were kept unchanged, the state’s agriculture institute IMEA showed on its latest update released late Monday.

Mato Grosso is set to lift 39.2 million mt of corn from its fields in the 2021/22 marketing year and 41.5 million mt of soybeans in 2022/23, according to IMEA.

The figures are unchanged from those shown at the institute’s previous estimates released in early June.

“With 55% of the area harvested as of July 1 and considering the yields reported so far, the institute has kept its corn yield estimates unchanged,” IMEA said.

For beans, farmers remain optimistic about the 2022/23 crop and “Larger investments to increase acreage is expected according to on the ground sources due to high prices and robust demand,” the institute stated.

That said, IMEA raised the caveat that it is still early to build strong assumptions in terms of expected 2022/23 soybean yields.

“Weather conditions, plagues and diseases, uncertainties regarding investments in inputs and technology – considering high production costs – and doubts around the availability of agricultural inputs in the international market are factors that can impact the crop ahead,” IMEA said.

If IMEA’s output forecasts for 2021/22 corn and 2022/23 soybeans are confirmed, those will be the largest crops in Mato Grosso’s history.